The Robinson Brog Benefits Plan Administration Group provides design, administration, consulting and compliance services for qualified and non-qualified retirement plans.
Types of Retirement Plans:
Defined Contribution Plans – include employee and/or employer contributions on behalf of each eligible participant where the ultimate benefit at retirement is not known because account balances grow by their investments. These plans include 401(k), Roth, 403(b), 457, profit sharing, and money purchase.
Defined Benefit Plans – these are designed to provide participants a specific benefit paid at retirement. Companies usually make all of the contributions and bear the investment risk. These plans include pension, dollar-per-month, and cash balance.
Non-Qualified Retirement Plans – these are usually established for highly compensated executives who are hindered by the limitations of the “normal” retirement benefit plans. Unlike other retirement plans which provide a current tax deduction to the company with no current income to participants, these plans are included as a corporate asset until the participant receives the benefit, at which time the company receives a deduction and the participant recognizes taxable income.
Robinson Brog’s Services:
Design & Feasibility – using your employee census and understanding your goals, we recommend the right retirement plan for your company.
Administration – we apply the retirement plan provisions, reconcile the trust, and determine every participant’s benefit.
Compliance – By performing the tests required annually by the IRS and ERISA, we maintain your plan in compliance with federal statutes and regulations.
Reporting & Disclosure – we prepare the informational tax return (Form 5500), provide participants who received payouts in cash or rollovers with the appropriate disclosure (Form 1099-R), and where appropriate prepare pension disclosures to the Pension Benefit Guaranty Corporation along with other notices.
ESOPs -- Robinson Brog’s Benefits Plan Group has vast experience in administering ESOPs for our clients. Since an ESOP is a type of defined contribution plan, we perform all regular defined contribution plan administrative services. In addition, all of the required, unique company share allocation calculations are performed along with all IRS compliance testing that is specific to ESOPs. We also provide the company with detailed participant level recordkeeping, including the annual employee benefit statements. When benefit distributions are made, we advise the company as to benefit distribution methods and the implementation of the ESOP “put” provisions as they apply to the participant. Of course, we also supply the necessary election and notification materials required for the distribution.
Contact Robinson Brog Leinwand Greene Genovese & Gluck, P.C.
To speak with a member of Robinson Brog’s Benefit Plan Group about designing and implementing a qualified or nonqualified retirement plan, please call us at (212) 603-6300 or toll free at (800) 431-1473 to schedule a consultation.
